GEV · GE Vernova Q2 FY2026 earnings call record财报电话会记录

“Backlog grew from 44 to 53 gigawatts, and SRAs increased from 56 to 63 gigawatts.”

“For our total gigawatts under contract, demand remains diverse with approximately 100 customers in 26 different countries, of which approximately 80% are traditional customers and 20% are for data centers.”

“In Q2, we booked $2.7 billion of data center orders in Electrification, bringing total segment data center orders to over $5 billion in the first half of 2026, more than double full year 2025.”

“We've grown our cash balance to $13 billion while investing $1.4 billion in R&D and CapEx combined, all while returning approximately $4 billion to shareholders this year through share repurchases and the dividend, already more than the full year of 2025.”

“We ended Q2 with a healthy cash balance of approximately $13 billion, a $3 billion increase from the end of Q1, after returning $2.5 billion of cash to shareholders through share repurchases and dividends in the quarter.”

“EBITDA margins expanded 320 basis points to 18.8%, mainly driven by favorable price and higher volume, more than offsetting inflation, as well as additional expenses to support capacity investments at Gas along with R&D.”

“Orders remained strong at roughly 1.7 times revenue and increased 66% year-over-year to approximately $6.3 billion due to growing grid equipment demand, partially to support data center development.”

“Electrification equipment orders continued outpacing revenue and further increased our equipment backlog to $41 billion, up 69%, or roughly $17 billion compared to the second quarter of 2025.”

“Electrification segment EBITDA more than doubled year-over-year with margin expansion of 700 basis points to 18.4%, led by strong volume, productivity, and favorable pricing.”

“Given the strength we've seen in orders and resulting down payments, in addition to the higher Adjusted EBITDA, we're increasing our 2026 free cash flow guidance to between $11.5 billion and $12.5 billion, up from $6.5 billion-$7.5 billion.”

“I know you've been focused on improving your integrated solution capability, particularly to data center customers, but again, this seems like a lot more than that original $200 million-$300 million per megawatt of entitlement that you gave us, and that's before an impact from SSTs in development and the MV-UPS.”

“Potentially, MV-UPS starts to come through the second half of the year, but I think about that incremental scope at 2 to 3 times being more credibly expected in our 2027 orders than in 2026, at least based on where our iteration is today with the customers.”